President Bola Ahmed Tinubu is set to present the 2025 budget proposal to a joint session of the National Assembly on Tuesday, December 17, 2024.
Senate President Godswill Akpabio announced this at plenary on Wednesday, confirming that the presentation will take place in the House of Representatives chamber at 11:00 a.m.
“His Excellency, the president of the Federal Republic of Nigeria, has indicated his intention to bring the 2025 budget proposals and estimates to a joint sitting of the National Assembly on the 17th day of December, 2024. That will be at 11:00 a.m., prompt,” Akpabio stated.
This will be President Tinubu’s second budget presentation since assuming office.
The announcement comes shortly after the Senate approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) on December 3. The MTEF, which serves as the foundation for budget planning, projects a total expenditure of N47.9 trillion for 2025, including a borrowing plan of N9.22 trillion, comprising both domestic and foreign loans.
Key assumptions in the framework include an exchange rate of N1,400 to the US dollar and benchmark oil prices of $75 per barrel for 2025, $76.2 for 2026, and $75.3 for 2027.
These figures reflect the government’s projections for economic growth and revenue generation over the next three years.
The proposed 2025 budget is expected to consolidate President Tinubu’s economic reforms and address challenges such as inflation, revenue shortfalls, and infrastructure deficits. With the borrowing plan in place, the government aims to fund critical projects and social programs while ensuring fiscal stability.
